BSE share price could cross ₹5,000 as per its biggest 'bull'; Stock has zero 'sell' ratings

None of the 18 analysts who have coverage on the Bombay Stock Exchange (BSE) Ltd. after its June quarter results have a "sell" rating on the stock. 11 of them have a "buy" rating and seven others have a "hold" recommendation.

East India Securities has the highest price target on the street for BSE at ₹5,250, the only target in excess of ₹5,000 for Asia's oldest exchange, followed by Prabhudas Lilladher's ₹4,850.

The consensus estimates of price targets imply an upside potential of 15% from current levels.

Brokerage firm JPMorgan has a "neutral" rating on BSE with a price target of ₹4,090.

Revenue for the quarter rose by 63% from last year, as a sharp year-on-year step-up in equity derivatives, lapped a high base from the March quarter, the brokerage said.

Jefferies too, has a "hold" rating on BSE with a price target of ₹3,520.

The brokerage expects the Average Daily Turnover to slow further in the second quarter, with Jefferies anticipating a 11% sequential drop.

Further risks may emerge for weekly options expiries due to the Closing Auction Session (CAS), Jefferies said, adding that management transition is a key monitorable.

BSE is trading at 48 times its financial year 2027 estimated Earnings Per Share, which according to Jefferies, ignores a single product reliance, Jefferies wrote in its note.

UBS also has a "neutral" rating on BSE with a price target of ₹4,500.

The brokerage said that the healthy operating trends continue across BSE and ancillary businesses.

New product initiatives remain a key focus, including the recently launched focused IT derivatives, additional index-based derivatives, corporate bond initiatives, enhanced data products and the STAR NPS platform.

"While management acknowledged industry-wide headwinds from higher STT, RBI's lower proprietary leverage regulations coupled with volatile global macro conditions, it indicated that the direct impact on BSE's options volumes has so far been relatively limited &remains difficult to isolate at this stage," UBS wrote in its note.

Shares of BSE are trading 0.3% lower on Wednesday at ₹3,608. The stock is up 37% so far this year.